The investment seeks high level of total return through a combination of current income and appreciation of capital. The Fund normally invests at least 80% of net assets in convertible securities, such as bonds, debentures, corporate notes, preferred stocks and other similar securities which are convertible or exchangeable for common stock within a particular time period at a specified price or formula, of foreign and domestic companies. It may invest without limit in securities that are not considered investment grade. The fund is nondiversified.